Oil prices continue to rise after OPEC announced last week that it had reached an agreement to cut output. While uncertainties remain (for example, it has yet to be decided how much each member country will cut), the fact that the organization has finally managed to agree on something was enough to boost Oil prices. The key date for oil traders is now November 30th, when the OPEC will meet in Vienna for their regular meeting.
Looking at the charts, both WTI and Brent have broken above a key trendline resistance and further gains seem likely in the near-term. In WTI, imminent resistance is seen at $49.35 (August high), followed by $51.70 (current 2016 high, June). Price action looks similar in Brent, where resistance can be anticipated at $51.20 (August high) and $52.80 (current 2016 high).
WTI.fs, Daily
Brent.fs, Daily
US Cocoa has seen a solid bounce off the $2700 level, and a bullish RSI divergence is visible on the daily chart. A break above the falling trendline resistance from the August high would confirm the short-term bottom at $2700 and pave the way for further gains, with $3000 the next major resistance to watch then.
COCOA.fs, Daily
In US Coffee C, the area around $160.60 has proven to be too tough to break on the first try. As can be seen on the weekly chart, the area has acted as key support many times during 2014 & 2015, and has now turned into a significant resistance area. Overall, short-term techs in Coffee have switched to negative after the sharp rejection above $160.00, but medium-term, the commodity remains in a solid uptrend as long as it can hold above $135-136.
COFFEE.fs, Daily
COFFEE.fs, Weekly
An inverted head & shoulders pattern is visible on the daily chart in Copper and price is slowly approaching the neckline. A break above would then likely pave the way for a rally to at least $2.32 (current 2016 high).
COPPER.fs, Daily
While Natural Gas has managed to break above $3.00, it quickly ran out of momentum and is now back into consolidation mode. Imminent support can be expected in the lower $2.80s on the rising trendline from the August low. Short-term techs remain bullish, but further consolidation seems likely, and playing the range perhaps the best strategy in the near-term.
NATGAS.fs, Daily
Soybean has seen quite of a reversal after it posted a top at $1200. The commodity is now back below $1000 and has bounced off the 76% Fibo of the entire 2016 rally last week. $920-930 is a major support area and a break below would be significant, signalling that a move into the mid-$800s is likely.
